Target's third-quarter results will not only show how the retailer is dealing with its struggling grocery business, but how its smaller store experiment and digital offerings are growing.

Target's (TGT) third-quarter results will not only show how the retailer is dealing its struggling grocery business, but how its smaller store and digital offerings are doing in an effort to reach new shoppers.

The Minneapolis-based retailer, which competes with the likes of Walmart (WMT) , is working on flexible store formats, including one that recently opened in Tribeca neighborhood in New York. This is the fourth store of this type, one that Nomura analyst Jessica Schoen Mace thinks is appealing to the surrounding demographics.

"The flexible format store is one of Target's key growth initiatives to reach a new set of consumers, mostly in urban areas that are typically too dense to accommodate [Target's] larger store layouts," Schoen Mace wrote in a note to clients. "Generally under 50,000 sq. ft. in size, a Target flexible format store is designed to reflect the personality of the neighborhood in which it is located and to offer a curated and localized assortment of goods."

Schoen Mace has a neutral rating and a $75 price target on Target shares.

The company, which has struggled with its grocery business, recently replaced the head amid lackluster sales. Investors will be looking to hear what the retailer has, as it competes with Walmart, Amazon (AMZN) and others for the $600 billion grocery business.

In addition, investors will want to hear about its digital business, which does around $2.5 billion in annual sales, according to Barclays Capital analyst Matthew McClintock.

Analysts surveyed by Yahoo! Finance expect the company to earn 83 cents a share on $16.34 billion in sales when it reports results on Nov. 16.